payee is the person whom the cheque, draft or money order is made out to.
They both mean the same
No. An Account Payee cheque can only be paid into a bank account and not as cash, which is the case for a self cheque.
a/c
a/c
Generally, a check can only be deposited into an account that is in the name of the payee listed on the check. However, some banks may allow a check to be deposited into another person's account if it is endorsed properly by the payee. This typically requires the payee's signature on the back of the check. It's important to check with the specific bank for their policies and requirements.
They both mean the same
No. An Account Payee cheque can only be paid into a bank account and not as cash, which is the case for a self cheque.
yes
a/c
a/c
The payee is the one that receives a payment. On a check or money order, the payee is the person the check is made out to. This is the person who can cash the check, or deposit it into his account. On a promissory note he is the one who receives the money from the loan.
"Account Payee" Cheque cannot be endorsed. only payee of the cheque is entitled to get credit of the amount i.e., the amount will be credited to his account only. However if it is "Not Negotiable" crossing it does not mean that the cheque can not be transferred further it can still endorsed but the transferee will not get better title than the transferor.
Quoting of PAN is required in various banking transactions. But PAN is not required for an account payee cheque over Rs.50,000/-.
A payee bank is the financial institution that receives funds on behalf of a payee, typically in a transaction such as a check deposit or an electronic funds transfer. This bank is responsible for crediting the payee's account with the transferred amount once the transaction is processed. In essence, it facilitates the payment flow from the payer's bank to the payee.
The cheque is not transferable to any other account other than the payee's account.
Actually they both refer to the same. A crossed cheque is also called an account payee cheque. These types of cheques can only be deposited into an individuals bank account and will not be cashed over the counter. This is used to minimize misuse of cheque instruments in case of loss or theft. We can always track the destination account into which funds were deposited using our crossed cheque whereas in case of bearer cheques (the ones that aren't crossed and can be cashed over the counter) we cannot.
prejudice